Angolan Diamond Bourse to Open in 2021
October 28, 20
(IDEX Online) - Angola, the world's sixth biggest diamond producer, will open its own bourse by the end of next year.
Peter Meeus, the industry veteran who oversaw the establishment of Dubai's bourse and served as its president, is acting as consultant for the project.
Diamantino Azevedo, the country' minister of mineral resources and petroleum, pledged that the Angola Diamond Exchange would be functioning in the capital Luanda by December 2021, even if it was in temporary premises
Angola has yet to explore 60 per cent of its potential kimberlite reserves and believes it could actually increase its rough production as other countries see theirs decline.
Sodiam, the government body that supervises diamond trading - and that will manage the newly-established Angolan Diamond Bourse, said it sold 9.44 million carats of diamonds in 2019, generating an income of $1.299bn.
Angola has made repeated efforts to counter diamond smuggling - deporting 250,000 smugglers between 2003 and 2006 - and has faced ongoing allegations over "conflict diamonds".
Its largest mine, Catoca, (pictured) accounts for 61 per cent of its output, and it has 13 smaller mines.